Palm Cay Hosts 'Mind Blowing' Event

Thu, Apr 25th 2013, 12:09 PM

The Palm Cay development in eastern New Providence saw an unprecedented outpouring of support from the real estate community yesterday while formally presenting its master plan. As exclusively revealed by Guardian Business last month, the oceanfront project has embarked on an ambitious relaunch of its marketing and development strategy. In response, more than 100 top agents from the Bahamas Real Estate Association (BREA) descended on Palm Cay to feel, touch and ask questions about the vision going forward.

"It was truly mind blowing," said Franon Wilson, the president of BREA. "It was to the point where they had to bring in extra chairs and people had to stand on the outside looking in." Palm Cay, sitting on 69 acres of property, contains 163 lots or homes either completed or under construction. This figure is poised to double over the coming years depending on market conditions. To spur development, the project is pulling out every trick in the bag. Palm Cay is offering to waive the 10 percent stamp duty on all sales for the rest of the month, a move that could lead to savings of up to $40,000.

And for BREA, rather than waiting for the unit to be delivered before receiving commission, agents will be paid as soon as the contract is signed and a down-payment received. "We will pay them within five days of the actual contract being delivered," said Jack Bonczek, the new sales and marketing director. The property executive told Guardian Business yesterday that he has been involved in many open house events, from Albany to Ocean Club Estates. "I have never seen 100 agents at any event like today. So this is a pretty big deal," according to Bonczek.

Palm Cay won't be the top hit on any Internet search when international buyers are "googling" Bahamas real estate, he pointed out. Therefore, the strategy is to educate top real estate executives to help boost sales. The development now offers property in a much wider range, from $350,000 to $800,000. Bonczek revealed that two new products - condominiums and marina cottages - should hit the market in the coming weeks. The development is working feverishly to bring its 150-slip marina, the largest by spaces in all of New Providence, completely online to take advantage of marine traffic.

The director said the main piers and bulk heads have been electrified so boats can hook up to the system. Palm Cay is waiting for its business license so it can begin pumping gas. "Our plans are before the Ministry of Public Works for the Harbor Master's Office and the clubhouse restaurant. This is not talk. It is action. We are just waiting on these final approvals," according to Bonczek. As of March, Palm Cay had sold 57 of its 88 single-family home sites.

In the garden area, which consists of 12 dwellings, eight had been sold and two were rented. The jewel of the development includes 33 beachfront townhouses. Bonczek said nearly 10 have been sold or under contract. Meanwhile, a second row of townhouses behind the beachfront lots are in the late stages of construction. Management is also looking at building a condo hotel near the marina to accommodate transient boaters and second-home buyers.

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